The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-11-02

Every time the stock market hsa had e
sharp decline ju tho last isW nlonths q
shiver Of issr hss run over tho country,
and pictures Of the tirancial panic OF Tor.
mor years have riesn talors the imsEi1a.
ton of business men. They know that
Ws!l street has held tho interests OF thou.
sande Of pscple all over tho country in its
grasp, AID thss people Hho. never specu.
atcd in their lives weSa ct tho raaIey OF
he msn!pulatora Of the Nav York Sock
ExchaTge. Il Is natural, therefore, when
thtre is collapse Of prices In the market
o look ior the aano old train OF disnsters
1t is true ths. the country Ii stronger than
aver before, and thet Wall D.reet is a much
lees important element in the busiuees Of
he United Sta'oa thai, 1t was q decade
$50. 1t ia true tina. rpony Of the best All.
horitieu believe thu. the waye1 Of pros.
pelity aud adversely are hereafter 10 be
ahortar sud legs violent IN their &C.
ion then formerly, but this is only the.
ory not yet proved. But tho one thiag
tast hiss been demonstrated is that there
Can BE- cyclones il Wall street, failures OF
great speculative combinations, aud deSn,
ialls Of leading lnarcieys without Eerious
disturbance 10 legitimate business.
Tho greateat causs for anxiety now Ia
The condition OF tho real estate market;
hnt here, too, the old tests areipsdeuuase.
In the commercial revulsions OF 1887 and
1857, which we're due largely to the cpor-
ioE5 in real estste, hanhins institntionqol
Nationa! Importance wsr1 involved. The
currency ofthe country, too, wGs In very
bad condition sud contributed to the GER
?ral Generalization. AT the present time
here 10 no great financial Institution
whose asRetS ara lied up In realty. II
iheretis any ona lessor. which has been
earned by ths, bankers OF this country in
tho last quarter OF century 1t 10 that bank
capital and deposits should not be tied up
81 land titles. The National. banks, the
meet important OF our institutions, are
absolutely forbidden by law to accspt real
" &c securlty for loan or to hold any
more Of such property that Ia needed for
their own uee; and this principle is adopt.
ed by most Of the banks not under the Ma
tionsl law. The savings Institutions make
real estate loans, and there are many
mortgage loan companies, butao far IS ap.
pears they have not exceeded tho l;mita
OF prudence in :aakiug their advances. In
meet caaee they require income property,
leaving loans on unproductive lands 10
private individuals. There is danger in
tho acre speculation, sad without doubt
millions Of dollars will be lost In tho next
Two or three yesrs. This generation lie,
however, specializing in scre property q
few miles from the cities. Tho las. zen.
Grafton speculsted ID acrea u,auy hundred
miles iroia tho centreo. The cra1s for buy.
ing tracts OF land near the cities is bad
enough, but 1t is not 90 dangerous 40 the
mania for speculation In Western lands
that our ioreiathers INDUCED In. -
It Is probable that business activities
sro about stitheir maximum for two or
three yeare, bu! the recent action Of the
markets shoSa thst We have not entered
on period OF rapid decline. Stocka orc
stesdy, with tho pronisa oi q temporary
advance, and there 10 decided improve.
ment in tho money market. Tho surplua
reserye oil the New York associated banks
| Ia moro than IS COO 900 largsr than laa,
year at this time, and the COMPLAINT c.
atriugency has ceasea. THO bank OF Eng.
land rate Of discount Is only 4 per cont
which 10 not high for this time Ct the year
and moro gold has been imported into this
country. thus far in 1887 than in any SINH
lar period Bincs 1881. Foreigners st,l
have confidence in us and are buying oul
landa, mines, and railroads. These in
iluences will counteract the bad effects o
the land rpsculationt to a very consider
/ able extent and will enable tbs country /,
relieve itselt Of tho imitation gradually
The situation does not have in 1t the max